Fact.MR – A Market Research and Competitive Intelligence Provider: Sales in the breast cancer diagnostics market surpassed US$ 4 Bn through 2020, estimates Fact.MR.
Over Half of Demand in Breast Cancer Diagnostics Market Commanded by Hospital-Associated Labs
A recent study by Fact.MR discovers fundamental growth drivers elevating sales in the breast cancer diagnostics market. It offers valuable insights into various segments on the basis of test type and end use. The objective of the survey is to provide in-depth analysis of micro and macro-economic indicators affecting market outlook through 2031. The report is intended to assist business-owners take informed decision for the future.
Fact.MR – A Market Research and Competitive Intelligence Provider: Sales in the breast cancer diagnostics market surpassed US$ 4 Bn through 2020, estimates Fact.MR. Expansion of the medical tourism sector across emerging economies owing to the increasing demand for cost-effective diagnostic and treatment for chronic ailments is augmenting the market growth.
The market is driven by the increasing incidence of breast cancer across the world. According to the World Health Organization (WHO), around 2.3 million women were diagnosed with breast cancer, globally, reporting nearly 685,000 death in 2020.
This will push the demand for accurate, technologically advanced, and cost-effective diagnostic solutions by 2x through 2031. Driven by this, the market is predicted to expand at a CAGR of 7% during the forecast period from 2021 to 2031.
Several governmental and private organizations are adopting diverse initiatives to spread awareness regarding the importance of early breast cancer diagnosis. For instance, the Indian Cancer Society launched a breast cancer awareness campaign in India named "Raho cancer se do kadam aage," to increase the importance of screening for early detection among people. Such initiatives are likely to create a lucrative growth opportunity for the market growth.
On the basis of end use, hospital-associated labs are estimated to dominate the segment, accounting for around half of sales in 2021. Primary factor favoring the segment growth is increasing hospitalization of patients and growing demand for biopsy procedures for breast cancer diagnostics.
“Leading players are emphasizing on integrating artificial intelligence (AI) in screening and imaging technologies to offer more accurate and faster diagnostic solutions. This is expected to accelerate the growth in the market,” says a Fact.MR analyst.
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Key Takeaways from the Breast Cancer Diagnostics Market Study
- North America is estimated to account for around 45% of the global sales, owing to the high prevalence of breast cancer in the U.S. and Canada.
- The U.K. and Germany are projected to collectively account for the largest revenue share in the Europe market, supported by the presence of favorable reimbursement policies.
- India is forecast to witness a swift growth in the Asia Pacific market, on the back of rising cancer awareness initiatives in the country.
- Favored by the increasing medical tourism owing to the presence of affordable and accurate diagnostics solutions, China is expected to emerge as a highly lucrative market.
- Brazil is projected to account for a significant share in Latin America, driven by increasing investment by government for the development of advanced medical diagnostics infrastructure.
Key Drivers
- Rising inclination towards adopting advanced imaging and screening technologies for accurate and efficient breast cancer diagnosis is driving the market growth.
- Increasing consumer preferences for visiting hospital-associated labs for breast cancer diagnostics owing to presence of the latest diagnostics technologies and devices compared to independent diagnostic laboratories is spurring the sales across hospital-associated labs segment.
Key Restraints
- High cost of diagnostic procedures such as epidermal growth factor receptor (EGFR) gene testing, breast cancer gene (BRCA) testing, immunohistochemistry, and others is hampering the market growth.
- High cost of installation & maintenance and low-cost benefit ratio of diagnostics devices and equipment might hinder the sales of breast cancer diagnostics.
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Competitive Landscape
Leading companies are investing in research & development (R&D) activities for developing novel diagnostic solutions and are focusing on clinical trial to enhance their product portfolio.
Some of the players are entering into collaboration, merger, and acquisition with other players to launch new products. For instance,
- In February 2021, Medifirst Solutions Inc., a development stage company based in the U.S., announced clinical study for its new breast cancer medical device which offers real-time margin detection of cancer tissues to provide direct support while lumpectomy cancer surgical procedure.
- In March 2021, Celcuity Inc., a cellular analysis and biotechnology company announced collaborating with Novartis, MD Anderson and Puma Biotechnology for the breast cancer clinical trial to identify new targeted therapeutic alternatives for cancer patients.
Some of the leading players in the market profiled by Fact.MR are:
- Bio-Rad Laboratories Inc.
- Illumina Inc.
- Biocept Inc.
- Epigenomics AG
- AstraZeneca plc
- Myriad Genetics Inc.
- Quest Diagnostics Incorporated.
More Valuable Insights on Breast Cancer Diagnostics Market
Fact.MR, in its new report, provides riveting insights into the global breast cancer diagnostics market and also forecast statistics for the next ten years. The study uncover growth prospects of breast cancer diagnostics market across the segments:
·By Test Type:
- CA Tests for Breast Cancer
- BRCA Test for Breast Cancer
- ER & PR Test for Breast Cancer
- CEA Test for Breast Cancer
- KRAS Mutation Test for Breast Cancer
- HER 2 Test for Breast Cancer
- PSA Test for Breast Cancer
- EGFR Mutation Test for Breast Cancer
- Immunohistochemistry for Breast Cancer
- Others
·By End User:
- Hospital Associated Labs
- Independent Diagnostic Laboratories
- Cancer Research Institutes
- Others
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)
Key Questions Covered in the Breast Cancer Diagnostics Market Report
- The market survey also highlights projected sales growth of the breast cancer diagnostics market between 2021 and 2031
- The report offers insight into breast cancer diagnostics demand outlook for 2021-2031
- Breast cancer diagnostics market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Breast cancer diagnostics market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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